17.09.202623:08:26UTC+00New Zealand Equities Head for Weekly Gain

The NZX 50 rose 29 points, or 0.2%, to 13,785 in Friday morning trading, extending its advance to a third consecutive session. The move followed gains on Wall Street, as easing oil prices helped pull down US Treasury yields, even as the Federal Reserve’s latest rate hike underscored its determination to rein in inflation.

Sentiment remained supported by Thursday’s data showing New Zealand’s Q2 GDP grew faster than expected. Still, investors were cautious ahead of China’s upcoming interest rate decision and next week’s US PMI releases, which are expected to provide further guidance on the economic outlook in both economies.

On the domestic data front, New Zealand’s trade deficit narrowed in August compared with July, with exports rising more than imports, while food inflation held at a 19‑month low.

Sector-wise, real estate, consumer discretionary, and financials were the main drivers of the benchmark index. Notable gainers included Port of Tauranga (up 1.0%), Chorus (up 0.8%), Hallenstein Glasson (up 0.8%), and Auckland International Airport (up 0.5%).